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+----- Thread: And this ,not the National League, is the trap we are in (/showthread.php?tid=8677)
And this ,not the National League, is the trap we are in - Devongone - 01-08-2019
The following statement has been issued by Ashley Carson, company secretary:
We are aware that certain regulatory filings have been made at Companies House in recent days in respect of the Company (CFC 2001 Ltd), and therefore wish to appraise fans and shareholders of the circumstances behind this.
The majority shareholder, Dave Allen, continues to provide finance to the football club as and when required. As a result of this continued funding throughout the financial year to 30 June 2019, the Company balance sheet showed a net liabilities position at the financial year end (in effect its liabilities exceeded its assets). This is not an ideal position for a Company to show as it can alarm the reader of a set of financial statements if they are not aware of the background to this position.
As a result, in order to improve the balance sheet position of the Company and to eliminate the net liabilities position, Dave Allen has, in agreement with A&S Leisure Group, written off the loan owed by the Company to A&S Leisure Group which stood at a balance of £2,045,098. As a result, the various legal charges that were in place in relation to that loan have been deemed to be satisfied.
Dave Allen continues to support the Company providing finance as and when required. Following this write off of the loan balance, a total of £9,274,098 was still owed to him at 30 June 2019, reflecting the amount of money he has injected into the Company over a number of years. The Company is grateful for this continued support and is looking forward to the start of the season, hoping for a successful start to the new campaign.
Ashley Carson
Company Secretary
Chesterfield FC
If I win Euromillions it is going to take a lot to get the club back and make it over to the fans.
RE: And this ,not the National League, is the trap we are in - Dancingwilldoit - 01-08-2019
On the other hand, anybody looking to buy the club would probably insist that those loans were either written or paid off. It then leaves it nice and neat for somebody to do a straight purchase for the shareholding. There's no way DA would simply write off over £2mill just for for the sake of it and let the charges go.
Ok it constitutes a tax loss for AS Leisure which means a much reduced tax bill but it seems very strange.
Is there a buyer in the wings? Here's hoping.
RE: And this ,not the National League, is the trap we are in - SaltergateBorn - 03-08-2019
We may indeed be in a trap, but I`d suggest it`s nowhere near the size of the one that Bolton and Bury are in currently. Before we CFC followers start feeling too sorry for ourselves, let`s imagine for a second how those poor sods are feeling right now.
All things are relative, as they say.
RE: And this ,not the National League, is the trap we are in - Devongone - 03-08-2019
Sorry as I feel for Bolton and Bury ..... the time when WE might usefully have been sorry for them has long-gone.
They ARE still two tiers above us on the wedding cake.
IF some white, or any other colour, knight charged in with a bank roll, it wouldn't be too late. But in Bolton's case it would need to be a VERY wealthy investor.
RE: And this ,not the National League, is the trap we are in - hibeejim21 - 03-08-2019
I feel sorry for bury.... a lot less so for bolton who spend insane amounts of money in wages in the top flight that sowed the seeds for their destruction.
Football clubs have to have things spot on in the boardroom as much as on the park these days.
RE: And this ,not the National League, is the trap we are in - Devongone - 05-08-2019
Jim, you do have to remember Bolton had a very wealthy backer who loved them dearly, but it turned out he wasn't immortal and when your circumstances change your behaviour has to change too.
We are tied by our debt to a very wealthy man who no longer loves us. Paying off the debt is impossible, it only grows .... and no one will buy us because we aren't worth anywhere near our asking price. We really may as well go and eat worms.